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Central Problems & the PPC · Question 55 of 87

Question 55

MediumOriginal question

A farmer can grow wheat worth ₹40,000, rice worth ₹55,000 or pulses worth ₹48,000 on a plot. He grows wheat. What is the opportunity cost of growing wheat?

Options for question 55

Show the answer and explanation
CorrectNot quiteAnswer C

Correct answer: C

Explanation

  1. The alternatives given up are rice (₹55,000) and pulses (₹48,000).

  2. The next best of these is rice, so the opportunity cost is ₹55,000.

Worth noting

₹1,03,000 adds both alternatives; only the best one forgone counts.

Concept
Computing opportunity cost
Typical time
70 s
Your time
—
The rule this testsOpportunity cost and MRT
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Ten questions from Central Problems & the PPC, at your own pace.

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Ten questions from Central Problems & the PPC, at your own pace.

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